For Indian equities, January and February can be painful months as predicted by Saurabh Mukherjea, head of equities at Ambit Capital. The sensex was down 173 points to 15,684.39 and the Nifty dropped 56.65 points to 4,693.30. The S&P/ASX 200 Index finished down 34.2 points at 4108.5 latest on Friday January 6th.

Shares of India’s largest lenders, SBI and ICICI banks fell including the major marketing sectors like Airtel, BHEL, ONGC, Tata Steel and also Kingfisher airlines etc. The downfall of the market value is due to the Europe’s Debt crisis.

Euro breached the lowest value since September 2010 hitting 1.2770 to the dollar. The raising of the government’s debt levels, has downgraded the debt of certain European states, especially for Greece, Ireland and Portugal making it difficult for the states to re-finance their debts. Stocks were under pressure, however 3i Infotech and Hexaware have seen a rise which gave a ray of optimism.